TL:DR;
Ripple’s cross-border token took the recent market-wide meltdown quite badly, with its price dumping from over $2.7 to under $2 within days.
The asset has recovered some ground but now sits at a pivotal level that will determine whether it resumes its bull run or slips once again.
The start of the business week was quite bullish for XRP as the company behind it announced on Monday that its long-anticipated stablecoin will be officially released for trading on the next day.
XRP went on a massive run, surging from under $2.4 to above $2.7 by the time the launch date arrived. However, it reversed its trajectory shortly after, and the broader market’scollapsetook it south hard.
In fact, Ripple’s token camecrashingby 28% from the aforementioned local peak to $1.96. Many XRP whales used this opportunity to stack up on more tokens, which perhaps helped the asset recover some ground as it pumped to almost $2.4
yesterday.